Wrap Around Loan

Wrap Around Loan

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A wraparound transaction or a “wrap” is a form of creative seller-financing that leaves the original loan and lien on the property in place when the property is sold. The buyer usually makes a down payment, gets a deed, and signs a new note to the seller (the “wraparound note”) for.

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wraparound loan Definition A technique which permits an existing loan to be refinanced at an interest rate between the original loan rate and the currently prevailing market rate .

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A wrap-around mortgage is a type of financing, similar to owner financing. In a wrap-around, the seller has a pre-existing mortgage on the home, but you aren’t assuming his loan.

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A wraparound mortgage, more commonly known as a "wrap", is a form of secondary financing for the purchase of real property. The seller extends to the buyer a junior mortgage which wraps around and exists in addition to any superior mortgages already secured by the property.

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The wraparound loan is a combination of an existing first or senior loan on the property and a new junior loan from the seller or from a third party. Very often the junior loan is a purchase money mortgage made by the owner of the property.

Wrap-around loans also have the added benefit of quick closing times and reduced, or eliminated, closing costs. Important steps to follow when considering a wrap-around loan: Agree upon the sale price and offer and put it in writing.

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